4,166 Shares in Pinnacle West Capital Corporation $PNW Purchased by LifeWealth Investments LLC

Key Points

• LifeWealth Investments LLC has acquired 4,166 shares in Pinnacle West Capital Corporation, valued at approximately $373,000, reflecting growing interest from institutional investors in the utility sector.
• Pinnacle West Capital recently announced an increase in its quarterly dividend to $0.91, with a yield of 3.9%, highlighting its commitment to returning value to shareholders.
• The company's latest earnings report showed that it met analysts' expectations with $1.58 EPS and revenue of $1.36 billion, indicating stable financial performance.

LifeWealth Investments LLC acquired a new position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,166 shares of the utilities provider's stock, valued at approximately $373,000.

Other hedge funds also recently added to or reduced their stakes in the company. Clearstead Trust LLC purchased a new stake in Pinnacle West Capital in the first quarter worth about $25,000. Costello Asset Management INC purchased a new stake in Pinnacle West Capital in the first quarter worth about $26,000. Ameritas Advisory Services LLC purchased a new stake in Pinnacle West Capital in the second quarter worth about $31,000. Brooklyn Investment Group raised its holdings in Pinnacle West Capital by 440.0% in the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock worth $46,000 after purchasing an additional 396 shares in the last quarter. Finally, HM Payson & Co. raised its holdings in Pinnacle West Capital by 49.7% in the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock worth $56,000 after purchasing an additional 196 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $92.53 on Thursday. The business's 50 day moving average price is $89.68 and its 200 day moving average price is $90.74. The firm has a market cap of $11.05 billion, a P/E ratio of 19.08, a P/E/G ratio of 9.55 and a beta of 0.46. Pinnacle West Capital Corporation has a 52 week low of $81.47 and a 52 week high of $96.50. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting analysts' consensus estimates of $1.58. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.Pinnacle West Capital's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.76 earnings per share. On average, sell-side analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 3rd will be given a $0.91 dividend. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.90. This represents a $3.64 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Monday, November 3rd. Pinnacle West Capital's payout ratio is currently 73.81%.

Insider Buying and Selling

In related news, EVP Jacob Tetlow sold 6,496 shares of the company's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the sale, the executive vice president owned 56 shares in the company, valued at $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on PNW shares. Morgan Stanley set a $93.00 target price on shares of Pinnacle West Capital and gave the stock an "outperform" rating in a report on Wednesday. BMO Capital Markets reiterated a "market perform" rating and issued a $99.00 target price on shares of Pinnacle West Capital in a report on Monday. TD Cowen started coverage on shares of Pinnacle West Capital in a report on Thursday, October 16th. They issued a "hold" rating and a $97.00 target price for the company. Argus reduced their target price on shares of Pinnacle West Capital from $98.00 to $95.00 and set a "buy" rating for the company in a report on Tuesday, September 30th. Finally, UBS Group boosted their target price on shares of Pinnacle West Capital from $95.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, October 10th. Six equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $97.00.

Pinnacle West Capital Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.

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